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22 Apr 2014
USD/CHF potential for further downside – Commerzbank
FXStreet (Edinburgh) -Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the possibility of further declines is still alive in USD/CHF.
Key Quotes
“USD/CHF has reached the 55 day ma at .8853, this has not been enough to negate a possible sell off and the intraday Elliott wave counts remain negative”.
“We have a downside sloping line, which connects the last 3 lows since October 2013 and this comes in at .8638, a slide to and recovery from here is our favoured scenario”.
“Rallies need to regain .8880 (2013-2014 resistance line) to retarget the .8903 resistance line and the .8953 recent high”.
Key Quotes
“USD/CHF has reached the 55 day ma at .8853, this has not been enough to negate a possible sell off and the intraday Elliott wave counts remain negative”.
“We have a downside sloping line, which connects the last 3 lows since October 2013 and this comes in at .8638, a slide to and recovery from here is our favoured scenario”.
“Rallies need to regain .8880 (2013-2014 resistance line) to retarget the .8903 resistance line and the .8953 recent high”.